Bitcoin stalled, but leading altcoins rose on Wednesday, even as investors assessed Nvidia Corp. NVDA earnings.
Solana Outperforms Bitcoin, Ethereum
Bitcoin was rangebound, oscillating between $112,600 and the early $111,000s. Trading volume fell 3.69% in the last 24 hours. Ethereum slipped below $4,500 overnight after a dash to $4,659 earlier in the day.
Solana surged nearly 5% during the day, as data revealed that public firms and corporate treasuries jointly own nearly $1.68 billion in SOL.
Over $265 million was liquidated from the cryptocurrency market in the last 24 hours, with nearly $156 million in longs wiped out.
Bitcoin’s open interest dipped further by 1.24% in the last 24 hours. Over the last month, the funds locked in Bitcoin derivatives have fallen by 6.42%.
This week, Binance traders drastically cut their BTC long exposure, although the majority were still betting on a price increase, according to the Long/Short ratio.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $3.85 trillion, falling modestly by 0.02% over the last 24 hours.
Nvidia Dips After Earnings
Stocks inched higher on Wednesday. The Dow Jones Industrial Average jumped 147.16 points, or 0.32%, to end at 45,565.23. The S&P 500 climbed 0.41% to end at a record high of 6,481.40. The tech-focused Nasdaq Composite gained 0.21% to end at 21,590.14.
Artificial intelligence darling Nvidia reported second-quarter financial results after market close on Wednesday, with revenue and earnings beating analyst estimates. However, the stock tumbled 3.10% in after-hours trading, dragging down the futures.
Altcoins’ Fate Tied To Ethereum
Arthur Azizov, founder and investor at B2 Ventures, said in a note to Benzinga that the setup for altcoins primarily depends on ETH.
“If it eventually breaks $5,000, altcoins could have 20-30% upside in September. If ETH keeps stalling in the $4,400-4,900 range, we could expect sideways trading with only catalyst-driven moves,” Azizov predicted.
The analyst added that if ETH falls below $4,400, even strong altcoins like XRP and Solana risk experiencing 10-15% drawdowns.
Widely followed cryptocurrency analyst Mayne said that Bitcoin’s chart looked “totally fine,” highlighting potential for a pump if the range lows are reclaimed.
The expert added that there was still plenty of support available. However, they asked to “reassess” if Bitcoin falls below the 2024 all-time high, which is somewhere around early $106,000.
Photo Courtesy: Shutterstock AI on Shutterstock.com
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Unlock RankingsEdge RankingsMomentum88.77Price TrendShortMediumLongOverview$BTCBitcoin – United States dollar$111547.900.25%$DOGEDogecoin – United States dollar$0.22020.62%$ETHEthereum – United States dollar$4510.120.07%$SOLSolana – United States dollar$205.411.22%$XRPRipple – United States dollar$2.980.30%NVDANVIDIA Corp$175.90-3.23%Market News and Data brought to you by Benzinga APIs
